As part of the proposal, the trading commission is also considering whether to exempt thousands of small financial institutions such as community banks, thrifts and credit unions.

The commission approved the plan to exclude companies like Ford and Exelon in a 3-2 vote. The C.F.T.C.’s Republican members, both of whom voted against the plan, expressed annoyance that the commission had not yet decided the fate of small banks.

Thursday’s vote means only that the plan is up for public comment. The C.F.T.C. will finalize the rules before July 2011.

Under the Dodd-Frank financial overhaul law, the C.F.T.C. and the Securities and Exchange Commission, for the first time, have broad authority to regulate swaps, crucial financial instruments used in the shadowy derivatives world. The law requires big banks and other financial institutions to submit swaps to regulated clearinghouses, which serve as a backstop in case one party defaults.

But non-financial companies months ago flocked to Capitol Hill to plead for an exemption. The firms feared that clearing would require them to post millions of dollars in margin. Under pressure form an array of companies — including manufacturers, gas companies and airlines — lawmakers excused “commercial end users” from the clearing requirement.

The commission on Thursday spelled out how companies could qualify for the so-called end-user exemption. The proposed rule would excuse swaps from clearing if at least one party in the trade was not a “financial company” and was using the swap to hedge against risk.

Companies will meet the commission’s standards for hedging if they use swaps to mitigate risk associated with a potential swing in value of goods that they purchase or manufacture. A company also might hedge against fluctuations in interest rates or foreign exchange rates.
The excluded firms will still have to notify the commission when they enter into swap transactions.

The C.F.T.C. on Thursday proposed that it adopt a “user-friendly, check-the box-approach” to notification. The commission said the end user carve-out would not apply to swaps used for speculation, trading or investing.

As part of Thursday’s proposal, the commission also is soliciting public comments on whether to extend the clearing exemption to thousands of small banks.

The Republican commissioners complained that the C.F.T.C. was punting on this decision. One commissioner, Scott O’Malia, said he was “flummoxed” by the move to pose questions without a rule.

Dodd-Frank mandated the so-called end-user exemption, but only required that the commission “consider” whether to exempt small banks as well.

The C.F.T.C. also debated proposals on Thursday that would mitigate conflicts of interest at clearinghouses and set professional standards for big banks and other swap dealers.